C&C Group has agreed to acquire Asahi UK’s wholesale interests for nominal consideration, in a move that will bring the businesses into its Matthew Clark Bibendum (MCB) operation.
The deal, announced today (11 September), covers Nectar Imports Ltd and Asahi UK’s direct distribution operations. Completion is expected in early October, followed by a structured programme to transfer customers onto MCB’s operational, commercial and supply chain infrastructure.
As part of the agreement, C&C will take on the acquired businesses’ customer and supplier relationships and agreements, intellectual property, a leased depot and certain assets, including vehicles and stock.
MCB will also enter into a long-term business partnership relating to Asahi brands in the UK. The deal includes the full transfer of supply arrangements to the Fuller, Smith & Turner on-trade estate.
“This move represents an attractive opportunity to provide a significant number of new customers with MCB market leading service and range proposition whilst simultaneously delivering immediate scale and efficiency into the Group's operations, in line with our strategy,” Roger White, C&C Group chief executive, said.
The company expects the majority of customer and supplier transitions to be completed in the coming weeks, with the acquisition expected to make a “small positive contribution” to MCB’s overall financial performance in FY27.
Revenue falls 3 per cent in first half
The acquisition announcement came alongside C&C’s trading update for the six months to 31 August 2026.
Net revenue was 3 per cent below the previous year on a constant-currency basis, with a 2 per cent increase in branded revenue offset by a 4 per cent decline in distribution revenue.
C&C said growth in its branded business was supported by continued momentum in its core Tennent’s and Bulmers brands, favourable weather and targeted marketing activity around the FIFA World Cup period.
Its premium portfolio also continued to grow as distribution expanded, with Innis & Gunn making a particularly strong contribution following C&C’s move to full ownership of the brand.
Distribution revenue, meanwhile, was affected by the planned exit from some lower-margin customer business, as well as continuing market declines in outlet numbers and certain drinks categories.
Underlying operating profit for the first half is expected to be between €43m and €44m, in line with the group’s expectations.
C&C said it remained on track to deliver full-year operating profit in line with market expectations, while cautioning that market conditions remained volatile and the key Christmas trading period was still ahead.
The group will outline more details of its strategy at its Capital Markets Day on 24 September, with interim results due on 28 October.